In an effort to please both the White House and Putin, several other companies are sending lower-level Moscow-based executives to the St. Petersburg International Economic Forum this month.

Stay Connected

The White House is discouraging business leaders from attending an economic summit in Russia later this month. The St. Petersburg International Economic Forum runs May 22-24, and US government officials are hoping to further isolate the Kremlin for its aggressive actions in Ukraine by keeping investors and capital away from Russia.

According to several reports, White House officials made personal telephone calls to leaders of some of the biggest companies that planned on attending. Some appear to be listening. The CEO of Alcoa Inc. (NYSE:AA), Klaus Kleinfeld, agreed not to attend. "In light of the US government's requirements, Alcoa has adjusted its attendance at the St. Petersburg International Economic Forum," the company said in a statement. Other companies that agreed to skip the conference includeGoldman Sachs (NYSE:GS), PepsiCo (NYSE:PEP), Morgan Stanley (NYSE:MS), and ConocoPhillips (NYSE:COP).

Still, some business leaders are worried about a backlash from Russian President Vladimir Putin that could affect their business interests in Russia, according to The New York Times. Several companies are sending lower-level Moscow-based executives to the event in an effort to please both the White House and Putin. Privately, many major companies expressed frustration at the difficult position the White House is putting them in.

The US has also decided not to attend an energy forum that will be held in Moscow May 15 and 16. The biennial International Energy Forum, headquartered in Riyadh, Saudi Arabia, was formed following the Gulf War in the early 1990s after oil prices shot up. It's a regular meeting at the ministerial level, and the 80-plus member countries represent more than 90% of the world's oil and gas reserves.

With violence between pro- and anti-Russian forces growing worse in eastern Ukraine, there's little hope that relations between Russia and the US will improve anytime soon.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.